Elon Musk became the seventh richest man in the world, surpassing Warren Buffett

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Elon Musk, CEO of electric car maker Tesla, has become the seventh richest man in the world, with a higher fortune than Warren Buffett, according to the billionaire Bloomberg index.

Musk’s assets rose $ 6.07 billion on Friday, following a 10.8 percent advance in Tesla shares.

Warren Buffett’s net worth declined earlier this week when he donated $ 2.9 billion to Berkshire Hathaway.

Tesla shares have risen 500% this year due to increased sales of Model 3 cars.

The sharp rise in Tesla shares is bringing Musk closer to $ 1.8 billion in profits, which would be the second release in two months.

Tesla shares have risen about 38 percent since closing on July 1, when the company reported quarterly sales data.

Solid, over-expectations sales by the electric car maker raise expectations that Tesla made a profit in the second quarter, which would mark, for the first time for the company, four consecutive profitable quarters.

Tesla delivered 90,650 vehicles in the second quarter, well above the estimated 74,130 vehicles, according to Refinitiv data. The company delivered 80,050 Model Y SUVs and Model 3 cars.

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